ABSTRACT 
In general, one of the purpose of a company fundamental goals is increasing stakeholders’ wealth by allocated some dividend. Dividends distributed by a company depends on dividend policy which applied and some others factors.
The main objective of this study is to determine the effect of variable of free cash flow, profitability, and liquidity, with size as moderating variable to dividend policy at period from 2010 until 2014. The sample used in this study are manufacturing companies that distribute dividends in succession during the period. This study used population data from Manufactured company listed in BEI. The method is using secondary data with purposive method sampling. Purposive method sampling is method to get information from specific source
.The result of the study have shown that the free cash flow and profitability of significant positive effect on dividend policy, yet the liquidity does not have a significant impact on dividend policy. This study also shown that moderate variable size is weakening the relation between free cash flow and dividend policy, size is strengthening the relation between profitability and dividend policy, but size does not effect to the relation between liquidity and dividend policy.
Keywords : free cash flow, profitability, liquidity, size, dividend policy